Why MagnaChip Semiconductor Stock Popped Today
Shares of South Korean semiconductor manufacturer MagnaChip Semiconductor (NYSE: MX) jumped out of the gate Monday and are up 4.3% as of 11:30 a.m. EDT after the company crushed its third-quarter earnings report this morning.
Heading into the third quarter, analysts had forecast that MagnaChip would earn $0.22 per share on $126.9 million in sales. As it turned out, the company just barely reached that sales target, booking $127 million in revenue. However, MagnaChip took a woodchipper to earnings projections, reporting a per-share profit of $0.42 per share and sending the shares flying.
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Source Fool.com
